It is not an easy task to craft regulation, but by inviting a wide range of views to be heard Senators Domenici and Bingaman have signaled their intent to craft a workable and fair piece of legislation. Most important, the Senators are not asking if we should do something, they are asking how we should do it.

A successful United States policy must meet the following objectives: it must be comprehensive; it must include a program to cap emissions from large sources and allow for emissions trading; and it should protect U.S. firms in energy-intensive industries against competitiveness impacts. It is important too that other countries adopt measures to reduce and limit their emissions, but the single most important step the United States can take to encourage efforts by other countries is to begin in earnest to address our own greenhouse gas emissions.

Today's hearings are a watershed event and I commend the Energy committee for their political will.